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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of components of the loss before income taxes

Year Ended December 31, 

(In thousands)

    

2019

    

2018

    

2017

Income (loss) before provision for income taxes:

  

  

Cayman Islands

$

11,779

$

14,838

$

(163,770)

United States

(99,225)

(69,695)

(33,374)

Ireland

(154,217)

(171,134)

(74,472)

United Kingdom

(14)

(94)

(95)

Total

$

(241,677)

$

(226,085)

$

(271,711)

Schedule of the components of the provision for income taxes

Year Ended December 31, 

(In thousands)

    

2019

    

2018

    

2017

Provision for income tax benefit (expense):

Current:

Cayman Islands

$

$

$

United States

5,210

10,563

(13,091)

Ireland

(566)

United Kingdom

12

(2)

(37)

Subtotal

5,222

10,561

(13,694)

Deferred

Total

$

5,222

$

10,561

$

(13,694)

Effective tax rate

2.16

%  

4.67

%  

(5.04)

%

Schedule of the differences between the Irish statutory income tax rate and the Company's effective tax rates

Year Ended December 31, 

    

2019

    

2018

    

2017

Provision at statutory income tax rate

25.00

%  

25.00

%  

25.00

%

Foreign rate differential

(6.96)

 

(7.51)

 

(18.17)

Share-based compensation

(1.17)

0.28

1.52

Non-deductible executive compensation

(0.51)

(0.72)

(1.03)

Uncertain tax positions

(0.63)

(4.00)

(6.55)

Research and development tax credit carryforwards

2.50

1.79

1.21

Federal tax reform - Tax rate change

(4.66)

Foreign exchange loss

8.52

Change in valuation allowance

(14.90)

 

(18.82)

 

(5.15)

Other

(1.17)

 

0.13

 

2.79

Effective tax rate

2.16

%  

4.67

%  

(5.04)

%

Significant components of the Company's deferred tax assets and liabilities

December 31, 

(In thousands)

    

2019

    

2018

Deferred tax assets:

Net operating loss carryforwards

 

$

58,161

$

33,396

Capital loss carryforwards

 

19,409

 

19,409

Research and development tax credit carryforwards

 

15,723

 

8,508

Fixed assets and intangibles

285,341

285,821

Share-based compensation

15,480

12,479

Accruals

8,245

8,343

Operating lease liabilities

11,358

Other

 

7

 

Subtotal

413,724

367,956

Valuation allowance

 

(403,836)

 

(367,748)

Total deferred tax assets

9,888

208

Deferred tax liabilities:

Operating lease assets

(9,429)

Prepaid assets

(459)

(208)

Total deferred tax liabilities

(9,888)

(208)

Net deferred tax assets/liabilities

$

$

Reconciliation of unrecognized tax benefits

(In thousands)

    

Unrecognized tax benefits as of December 31, 2017

$

41,794

Gross decrease in tax positions for prior years

(685)

Gross increase in tax positions for current year

11,295

Unrecognized tax benefits as of December 31, 2018

52,404

Gross decrease in tax positions for prior years

(2,010)

Gross increase in tax positions for current year

8,369

Unrecognized tax benefits as of December 31, 2019

$

58,763